Thursday, November 10, 2016

USD/CAD was flat in the Asian session.

•USD/CAD was flat in the Asian session. The pair has posted gains in European trade
•1.3457 remains busy. Currently, it is a weak support line
•There is resistance at 1.3551
Further levels in both directions:
•Below: 1.3457, 1.3371, 1.3253 and 1.3120
•Above: 1.3551, 1.3648 and 1.3782
•Current range: 1.3457 to 1.3551
USD/CAD ratio has shown slight movement towards long positions. Currently, short positions command a strong majority (67%), indicative of trader bias towards USD/CAD reversing directions and moving to lower ground.
USD/CAD continues to post strong gains in the Thursday session, following the upward movement seen on Wednesday. In the North American session, USD/CAD is trading at 1.3480. On the release front, Canadian NHPI posted slight gains of 0.2%, matching the forecast. In the US, unemployment claims dropped to 257 thousand, marking a 4-week low. On Friday, the US will release UoM Consumer Sentiment. The indicator is expected to edge lower to 87.4 points.